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Mixed Income (50/30/20)

Program (?) Mixed Income (50/30/20)
Program Description

Under the 50/30/20 program, HDC provides low-interest loans to multi-family rental buildings in which half of the units may be rented at market rates if 20 percent of the apartments are restricted for low-income tenants (40 percent to 50 percent of AMI), and 30 percent are reserved for middle-income tenants (175 percent to 200 percent of AMI). HDC uses the proceeds from the sale of tax-exempt bonds to make first mortgages and uses its corporate reserves to make one-percent second mortgage loans. The 50/30/20 program may support either new construction or rehabilitation, but eligible buildings must contain at least 100 units.

Benefit Classification (?)  
Supply or Demand Supply
One-Time or Ongoing One-Time
Benefit Type (?) Financing
Government Agency (?) NYC Housing Development Corporation
Program Information (?)  
Scale Small Scale (between 1 and 999 units produced)
Timeframe 2002-Present
Developer/Owners (?) For-Profit, Non-Profit
Property Information (?)  
Property Occupancy Vacant
Property Type Land, Building
Building Type Multi-family
Construction Type Rehabilitation, New Construction
Occupant Tenure (?) Rental
Occupant Income Restrictions (?) Very Low-Income, No Restrictions
More Information NYC HDC
Available on CoreData.nyc? No

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